WinnipegREALTORS® Press Release; February 10, 2012

WINNIPEG – With the exception of 1997 when January sales were at 660, January 2012 sales activity ranks among the best results for all other Januarys as none have even threatened the 600 sales level. Dollar volume is another story altogether as despite sales being in a virtual deadlock with last January, there was still nearly an additional $8 million worth of sales activity. As a result, we see a replay of previous years where even if sales are not up to the previous year level, the dollar volume sets a new monthly record.

Interestingly enough, some of the real star performers of last year relate to property type, dropped off in the first month this year in comparison to activity the same month a year ago. Sales of single-attached were off 25% while condominiums dropped 16%. And vacant lots and mobile homes both decreased 8%. The saving grace was the 4% increase in single family homes which accounts for the lion’s share of allMLS® sales. For example in 2011 this dominant property type comprised 74% of allMLS® sales.

Rural sales in particular stood out in January as represented 29% of all single family home sales.

JanuaryMLS® sales were down just 2 properties (564/566) while dollar volume was up 7% ($133.3 million/$124.5 million) in comparison to the same month last year. New listings entered on theMLS® in January of 1,045 were off 8% from January 2011.

“We do not read a lot into one of our slowest months of the year,” said Shirley Przybyl, president of WinnipegREALTORS®. “It is fair to say however that is does track well in line with our 2012MLS® forecast where we predictMLS® sales holding the line with last year’s 13,000 plus  performance and that dollar volume will still move up higher due to tight market conditions remaining firmly entrenched in 2012.” She added, “The extremely low interest rate environment will continue to be a real incentive for first–time buyers to get into the housing market.”

The most active residential-detached price ranges were almost evenly divided amongst three between $150,000 to $299,999. Together these sales represented 51% of total sales. Close behind the three price ranges was $100,000 to $149,999 with 15% of total sales. Condominium sales were a different story with only one price range from $150,000 to $199,999 making up 43% of all sales.

The average days on market to sell a home in January was 42 days, 2 weeks slower than last month and the same pace as January 2011. The average days on market for condominium sales was 35 days, 2  weeks slower than last month and 3 days quicker than January 2011.